Byron Wien sees bull market correction in stocks

Byron Wien, Blackstone Advisory Partners, provides his outlook on the markets, and explains why the recent sell-off signals a correction in an ongoing bull market.

Making his case for why the bull market in stocks is not over yet, Byron Wien, vice chairman of Blackstone Advisory Partners, told CNBC on Wednesday that the fundamentals are sound but investors have become too complacent.

"The economy is doing well ... [and] the valuations are reasonable. So I think this is a correction in an ongoing bull market," Wien said in a "Squawk Box" interview.

But even with the rough patch for the market, stocks are not even close to official correction territory—defined by a 10 percent decline from record highs.

As of Tuesday's close, the Dow is only off 4.21 percent from its intraday high on July 17 of 17,151. The S&P 500 is off 3.57 percent from its intraday high of 1,991 on July 24, while the Nasdaq composite index is down 2.97 percent from its intraday high of 4,485 on July 3.